(Business in Cameroon) - Cameroon could grow to 4.4% in 2022, according to the presidential circular laying down the general budget policy guidelines for the 2022 financial year. This represents a rise of 1% compared with the 3.4% growth forecast for 2021 after the 0.7% recorded in 2020 due to the coronavirus pandemic.
According to the circular, in 2022, economic growth will be spurred by the non-oil sector forecasted to grow by 4.7%. As for the oil sector, the government expects it to decelerate by 1.8%. "In the non-oil sector, in particular, recovery in demand from our trading partners will lead to an upturn in activities in export-oriented branches such as export agriculture forestry and logging," the presidential circular reads.
The circular nevertheless reminds that the growth was forecasted with "the assumption that the pandemic will be brought under control and economies will open up, coupled with the fallout from the stimulus measures."
Meaning, in 2022, the growth will still depend on the evolution of the coronavirus pandemic. On that front, things are still uncertain given that despite the government’s efforts to curb the pandemic, the country that has almost all the variants recently recorded 1,250 new cases within just fifteen days officially. This is obviously due to the population’s reluctance to get vaccinated. Vaccine expiration is adding to the woes. According to the expanded immunization program, on August 23, 2021, Cameroon lost roughly 5,000 doses of AstraZeneca, which had reached its expiry date.